Biogen (BIIB) Stock Forecast & Price Target

Biogen has experienced a significant stock increase of approximately 35% since the beginning of the third quarter of 2025, reflecting a recovery in the biopharma sector and a strong performance in the amyloid-beta space, particularly with the launch of Leqembi. The company's newer products, such as Leqembi, Skyclaris, and Zurzuvae, have exceeded consensus expectations, indicating effective commercial execution and potential for future revenue growth. By 2030, it is projected that these key product launches could generate $2.5 to $3 billion in additional revenues, positioning Biogen for meaningful growth driven by its expanding pipeline and business development efforts, despite anticipated revenue challenges until 2026.

Biogen's financial outlook is negatively impacted by anticipated pressures on its multiple sclerosis (MS) business, particularly due to the impending launch of Sandoz’s biosimilar to Tysabri in mid-November 2025 and ongoing challenges with Tecfidera in Europe, leading to an expected 6% decline in MS revenues for the second half of 2025 compared to the first half. The company's model indicates a flat revenue CAGR from 2026 to 2030, driven by the erosion of the MS business, decreased Ocrevus royalties starting in 2029, and an overall EBITDA CAGR decrease of 4% during the same period. Further challenges in their newer franchises, coupled with competitive pressures in the lupus treatment market, heighten the uncertainty surrounding future growth and profitability.